Description of Tax Bills (S. 578, S. 768, S. 1276, and S. 1472): Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on September 25, 1981U.S. Government Printing Office, 1981 - 14 pages |
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Page 4
... development bonds . The bill would apply to research or experimental expenditures paid or incurred after March 11 , 1981 , with respect to obligations issued after that date . II . DESCRIPTION OF BILLS 1. S. 578 - Senators 4.
... development bonds . The bill would apply to research or experimental expenditures paid or incurred after March 11 , 1981 , with respect to obligations issued after that date . II . DESCRIPTION OF BILLS 1. S. 578 - Senators 4.
Page 7
... respect to the Thor Power decision , the Internal Revenue Service believed that many taxpayers would not request permission to change to the proper method of accounting for excess inventories and , under the requirement that they ...
... respect to the Thor Power decision , the Internal Revenue Service believed that many taxpayers would not request permission to change to the proper method of accounting for excess inventories and , under the requirement that they ...
Page 8
... respect to that inventory . Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories that continue to be sold at prices in excess of cost . A secondary issue is whether the application ...
... respect to that inventory . Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories that continue to be sold at prices in excess of cost . A secondary issue is whether the application ...
Page 12
... respect to , property or borrowed money used in a trade or business ( see . 103 ( b ) ( 2 ) ) . Present law provides an exception for certain " small issues " to the general rule of taxability of interest paid on industrial development ...
... respect to , property or borrowed money used in a trade or business ( see . 103 ( b ) ( 2 ) ) . Present law provides an exception for certain " small issues " to the general rule of taxability of interest paid on industrial development ...
Page 14
... issue industrial development bonds . S. 1472 would apply to research or experimental expenditures paid or incurred after March 11 , 1981 , with respect to obligations issued after that date . Purdue University Libraries 3 2754 078 076 746.
... issue industrial development bonds . S. 1472 would apply to research or experimental expenditures paid or incurred after March 11 , 1981 , with respect to obligations issued after that date . Purdue University Libraries 3 2754 078 076 746.
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Common terms and phrases
$10 million limitation 578 would allow 80-5 and Revenue account for purposes accounting for inventories allow taxpayers apply to taxable beginning after December capital ex change to LIFO clearly reflect income conformity requirement cost or market December 25 December 31 deduct currently Economic Recovery Tax Effective date elects to deduct ending inventory excess inventory exempt small issue FIFO industrial development bonds Interest Exemption Internal Revenue Service inven inventory accounting inventory items inventory writedowns issue industrial development lower of cost March 11 market value market writedowns method of accounting method of inventory net realizable value obligations issued Proc provisions qualified small businesses Recovery Tax Act research and experimental research expenditures research expenses research or experimental Revenue Procedure 80-5 Revenue Ruling 80-60 small issue industrial taxable years beginning taxable years ending taxpayer elects taxpayers using LIFO Thor Power decision tory writedowns trade or business Treasury regulations U.S. Supreme Court value will result